My last talk of 2025 was at the Vancouver Metals Exploration Group’s (M.E.G.) Precious Metal Deposits of British Columbia short course in downtown Vancouver, where I spoke on “The precious metals market and its effect on exploration in British Columbia.” The session wrapped up with a Q&A alongside Michael Gray, partner at Agentis Capital. 

That discussion is what prompted today's Rant. In it, I focus on mineral exploration in my home province of British Columbia, which joined Confederation as Canada’s sixth member in 1871, lured by the promise of a transcontinental railway and debt relief, and how its evolving policy landscape is reshaping risk and opportunity for explorers and investors alike.

In the Weekly Market Digest, the US Fed delivered the expected 0.25% cut in benchmark rates but tempered market expectations for more cuts in 2026. But by May 2026, there is likely to be a new Fed Chair more aligned with markets and the current administration. The net impact was a boost in precious metals and the equities levered to them, while base metals and the equities levered to them were mixed.

The Exploration Insights Portfolio had a positive week but underperformed the precious metal equity benchmark while outperforming the base metal one. New highs by all the Top Picks were offset by a pair of laggards.

In Stock Talk, I covered drilling results from a copper explorer in the Yukon and a magmatic Ni-Cu-PGM-Au developer in Minnesota. Finally, I review the third-quarter financial results for a royalty and a prospect generator.